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Anyone know the Whitechapel property market?

(16 Posts)
Somethingtodo Thu 18-Dec-14 10:42:19

We have just inherited a run down commercial/residential property in Whitechapel (couple of streets SE of the hospital).

There already is PP in place for another (4th) floor and we were thinking that we should apply for PP to extend upwards to 8 floors (nearby blocks are 8 stories).

We would then probably sell with PP in place - or may even take on construction.

My thoughts were to look to maximise the number of individual units rather than look at fewer more "wow" flats....but no idea if this is correct?

Anyone?

grumbleina Thu 18-Dec-14 12:31:32

From your description, we're close neighbours.

I don't have experience in what you're doing - logically I'd say that if you're planning to hold onto the building then the rental income will be higher from more flats than from fancy big ones, but I can tell you that right now there are builders SWARMING around here and they all appear to be building quite ritzy city flats.

Are you familiar with the area? Have you had a look at the whitechapel regeneration plan? It's online and worth having a look at, as it does seem like there is going to be a pretty huge attempt to bring this area closer to the brick lane/hackney side of things. Whether that's fair on the local community is another question.

I really want to know which building it is! It's not the demolished pub on the corner of Cavell St is it - that's been a pile of rubble for months, we were wondering when someone was going to do something with it....

Somethingtodo Thu 18-Dec-14 13:36:32

Grumbleina -- thanks so much -- I lived in a flat above the premises for 4 years 20 years ago....well before the whole Brick Lane & Hackney scene took off....but I am not close to what is happening there atm as we decamped directly to the home counties to breed!

Ideally would like to keep a flat for us to downsize to once the kids have cleared off (or for them to use if they were at uni or worked nearby) -- what is it like living locally now? -- it doesnt seem to have changed or been enhanced since I left - and seems a world away from the Brick Lane experiebce

Didnt know about the regeneration plan so will look at that.

and I imagine you are referring to The Artichoke? Nope not that one - and sorry cant out myself as other siblings involved....spent many happy times at The Arti - though it was not pretty!!

grumbleina Thu 18-Dec-14 14:21:29

Ha, no not the Artichoke, the one I'm thinking of is a couple of streets west of that, just down from Ford Sq. Not sure if the Artichoke still runs as a pub, I think it's just flats now but will have to take a closer look next time I go past!

In terms of house prices, we've owned a 2 bed ex-council flat for 3 years, and it's increased in value by about 50/60% - that's including some improvements though. We've had no problems with crime and I feel really safe on the street, even late. Could just be lucky, who knows, it's London.

I love it here, the transport is amazing (crossrail will make it even better), you can walk into town, or to brick lane, or hackney. I love the market for fruit and veg, and I really like that it feels a bit more 'real' than a lot of London, which is hugely to do with the bangla community - it feels like a lot of people live and work here, which isn't the case in so much of London.

Hipster-mageddon does seem to be seeping down Cambridge Heath Rd, and there do seem to be lots more young men with bicycles around (my DH being one). The Soho House group have opened a burger joint at Whitechapel Rd/Cambridge Heath and they tend to be pretty savvy about new areas - I wouldn't know for sure, but I suspect that we're starting to get quite a lot of renters who have been priced out of Hackney and Bethnal Green, judging from the people I see wandering about. Plus of course there are the students from the med school.

The 'vision masterplan' is here - depending where exactly your building is it could affect it quite a lot: www.towerhamlets.gov.uk/lgsl/451-500/494_th_planning_guidance/consultation_and_engagement/draft_whitechapel_vision_spd.aspx

It would also be well worth reading about what's been going with the council. We're all sort of waiting to see what happens vis a vis Mayor Lutfur Rahman/possible corruption/Eric Pickles. Basically they're looking into whether Rahman has been allocating resources fairly, and depending on the findings Tower Hamlets could, in theory, start operating quite differently: www.eastlondonlines.co.uk/2014/12/takeover-squad-move-into-tower-hamlets-council/

If I were you and could afford it, I'd build with an eye to crossrail and the regeneration plan, not the mention the general ever-upward trend in London house prices. But I have no idea about property development - I can only ramble on about Whitechapel!

HyperThread Thu 18-Dec-14 14:45:55

What you need to do is work out your figures.

How many flats can you make? How much would they sell for? Etc etc. get some advice from estate agents too.

My guess would be make the maximum number of flats you can but make them at the top end of the range. This will add more value and give you more profit if you are selling.

Somethingtodo Thu 18-Dec-14 14:49:50

Great to hear that - we never had any issues when we lived there .... we really enjoyed hanging out locally on the river in Wapping/Limehouse etc.

Looks like we could add Bethnal Green and Hackney to the list now as well - Mile End and Roman Rd always had a bit of community to it as well when I lived there.

What are the nicest bars/restaurants closest to Whitechapel

grumbleina Thu 18-Dec-14 15:32:05

Indo is a great little student pub - does good pizza too. The White Hart is gastro-pub-ish, it's not brilliant but it's ok. The George Tavern is run down but wonderful. Restaurant-wise, Tayyabs and Needo are both brilliant of course. Dirty Burger, the aforementioned Soho House outpost, is good but slightly overpriced. Corner Room is properly excellent, it's in the Town Hall hotel, so more Bethnal Green but worth the stroll up the road.

Hackney is gentrified almost beyond recognition compared to 20 years ago - can't move for artisanal bread and organic pomegranates.

Somethingtodo Thu 18-Dec-14 18:04:29

Thanks for all those tips will go and try them out...

Agree about Hackney !! we are there every sat as one dc does a theatre group there -- we go to the food market -- and I shuffle the kids past the £3 a pop donuts and £5 popcorn into PERCY INGLE which is even cheaper than Greggs ... is there still a PI in Whitechapel?

Somethingtodo Thu 18-Dec-14 18:31:53

Thanks Hyper - yes this is what I need to do and v thoroughly -- wondered if I could just do this myself with online research? - or whether I could employ some sort of property/planning consultant who could do an assessment? -- EA will only be able to give one end of the story -- someone once mentioned to me "GDV" gross development value - which I suppose is effectively overall profit.

Maybe the starting point is to speak to the TH planning dept to see what would be acceptable height wise and then work from there?

grumbleina Fri 19-Dec-14 15:46:25

Not just a Percy Ingle, there's even still a Wimpy! Both on Watney Market.

Somethingtodo Fri 19-Dec-14 16:41:57

So retro......have v funny story about Watney Street market - parked the car round the back in the loading bay and distrurbed two homeless drunks having a shag in a skip.....classy!

rainyevening Sun 21-Dec-14 04:10:11

We've just moved to Bow, up the road from Whitechapel, and while there's much more of a community feel than where we've come from, and it's still definitely a poorer area, there are bits of gentrification and certainly house prices are higher than we expected.

Somethingtodo Sun 21-Dec-14 10:00:10

Thanks rainy -- great to hear that community is alive and well - poverty is always obvious in the East End -- but Bow esp Tredegar Sq - have always been desirable....

What brought you to the area and what part of lifestyle to you hope to be enhanced by the move? Do you have recommendations for nice bars/rests/coffee shops in Bow or around?

rainyevening Mon 22-Dec-14 00:19:34

Well, really it was a combination of more affordable (than where we were) - we can have a house here - plus green space (Vicky Park) plus transport.

There are a couple of nice gastro pubs, especially the Morgan Arms, and a nice cafe called the Zealand something on Roman Road. New wine shop on Roman Road too. Tend to go to Vicky Park village for restaurants.

Somethingtodo Mon 22-Dec-14 16:49:56

Need to check out Vicky Park area -- what are the nicest residential roads and where is the "village" centre. Spent yesterday snooping around Wapping - really like that it was v quiet and unpolluted as no thru traffic - also small intimate villagy feel and then the views!

rainyevening Mon 22-Dec-14 22:49:30

No idea about the residential streets I'm afraid. I think the villagey bit is Lauriston Rd

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